All Forum Posts by: TIm Harstead

check out Kale Realty a lot of investors hang there license there.

The area is slowly starting to gain traction imo but it's still a C class area for now but so was Pilsen 5 to 10 years ago, I guess it comes down to how long your willing to wait for it for the price to keep going up

Under the Chicago snow removal law, landlords or property managers must clear snow that falls between 7 a.m. until 7 p.m. by no later than 10 p.m. on that same day. If snow falls between 7 p.m. and 7 a.m. it must be cleared by 10 a.m. the next day. Snow must be cleared from sidewalks in Chicago 7 days a week.  

I follow this as I don't want to get fined by the city let alone as you mentioned getting sued

Never looked into Cincy for investments but My brother used to live there and I'm born and raised in chicagoland, These are two very different lifestyles, I would suggest he spends a week in an airbnb and see which he enjoys more.  you don't need to live somewhere to invest there.

Money changes relationships, tread very careful when dealing with friends and family

Get a good Property Manager and your investment will be fine

It's completely area specific, even in Chicago the difference between the average north side property percent and south side percent can vary by 3 or 4 percent due to the rents on the north side being 3 to 4 times higher

1. Has anyone ever negotiated with their property manager to allow DIY repairs? DIY no could cause major problems if something small is mishandled and turned into something bigger.  however if you have an actual contractor Like your family member than we would allow them to become your preferred contractor and give him first right of refusal on all repairs

2. Could I use that to negotiate lower PM fees? 8% rather than 10%? I would expect them to take the call, but inform me rather than calling and scheduling a repair man.  As a PM this makes our jobs harder a good PM has automated systems with their maintenance team, you are asking them to change their routine, and trust me most preferred vendors are a lot harder to get to a job site or to even just get a hold of than the ones we speak to on a daily basis.

3. What am I missing that makes this a bad idea? (Other than availability/schedule of family members - they would, of course, be reimbursed for their time and materials) Availability would be the biggest thing to make sure before you move forward does your family have time to go in the middle of the night for a busted pipe?

As many people have already stated it is really a personal preference, how much time do you have, where are you investing, and can the investments afford a PM. If you know you are going to use a PM make sure to add that into your calculations when looking for deals, this will make sure you are only looking at good deals where as if you plan to self manage you may be able to get by on a thinner profit line.

Depends on how active you are Kale Realty has both a holding company if your not very active as well as the main company which allows you to buy and sell, they charge 325 or less a transaction.  Feel free to send a Dm if you would like more info.